seeking assistance : Apart from difference that unlike a trust the principal fund in the endowment is not available for use as it relates to its purpose/charity, what other essential difference are there? Also any good book on the topic?
Kedia: It appears to me that there is very little in the way of things that can be incorporated into the terms of an endowment that could not also be emulated in a trust, and vice versa. The language you use in an endowment could create fiduciary duties as are found in a trust, or not, so that is a potential variable. There will also be the ever-present question about tax treatment, here for a trust versus the endowment in actual use (e.g. is it charitable, is it an investment vehicle, etc.), which will be driven by jurisdictional issues not yet defined by your post. More detail as to your intent would help.
Thank you Michael for your response and it is much appreciated. The endowment is for a University to fund specific projects